In the early morning of June 6, Musk and Trump had a complete falling out. Less than a week after Musk resigned as the head of the "Department of Government Efficiency" (DOGE), the two of them were exposing each other's explosive information and frequently firing at each other on the X platform. This also caused Tesla's stock price to fall by more than 15% in a single day, and Trump Media Company (TMTG)'s stock price also plummeted by 7.82%. As this "political reality show" entered its climax, cracks also appeared within Trump's crypto empire.

Presidents quarreled over each other live, and netizens around the world were watching

In the early morning of June 6, Musk suddenly posted on the social platform X, "It's time to drop the real big bomb: Trump appears in Epstein's documents. This is the real reason why these documents have not been made public. Have a nice day, DJT!"

This confusing tweet is the "latest big bomb" dropped by Musk in his quarrel with Trump. A few hours ago, Trump just posted on his personal social platform that Musk made him "bored", "I asked him to leave, I canceled the electric car mandate that forced everyone to buy electric cars that no one wanted (he knew I was going to do this for months!), and then he went crazy!" He then continued to post and added, "The easiest way to save billions of dollars in our budget is to terminate government subsidies and contracts for companies like Musk (Tesla, SpaceX, etc.), I have been surprised that Biden did not do this!"

Trump then continued to output and said that he could win Pennsylvania even without Musk's help. This statement once again angered Musk, who posted on the X platform, "Trump is so ungrateful. Without me, Trump will lose the election, the Democrats will control the House of Representatives, and the Republicans will have 49 seats in the Senate instead of 51."

After leaving the "Ministry of Government Efficiency" last Friday, Musk and Trump, the former "allies", quickly moved towards open confrontation.

The starting point seems to be that Trump revoked the nomination of Jared Isaacman, a close ally of Musk, as NASA director, and Musk directly blasted Trump's "One Big Beautiful Bill Act" on the X platform, calling it "disgusting": "This self-serving, ridiculous congressional spending bill is a disgusting disaster." Once the remarks came out, they caused a sensation in the American political arena and public opinion.

The Beautiful Act is actually a comprehensive legislative plan covering the government budget, tax system, debt management and environmental protection policy. The bill promises to extend the expiring tax cuts passed by Trump's first administration in 2017, inject funds into defense spending, and provide funding for the government to carry out large-scale deportations of undocumented immigrants. It is a key tool for Trump to advance his core policy agenda after his re-election.

Musk warned that the bill would push the already huge U.S. fiscal deficit to $2.5 trillion, leaving the American people with an unsustainable heavy debt. The plan has already encountered strong opposition from within the party during its deliberations in the House of Representatives, and Musk's remarks further reflect the broader tensions within the Republican Party over the plan.

Some Republican lawmakers also sided with Musk. U.S. House of Representatives member Thomas Massie wrote on June 6 that members of Congress did not know the content of the bill until the night the bill was passed. "The House of Representatives has a 72-hour rule requiring bills to be published within 72 hours before passage. But the Speaker bypassed this rule through the "Manager Amendment," which rewrote much of the bill and added important parts the night the bill passed the Rules Committee. "

The rift between Musk and the Trump administration was frequently exposed by the media several months ago. In April, Musk and Bessant quarreled at the door of the White House, which set off a discussion in American politics. Trump's final choice to support Bessant's appointment proposal also made the outside world wonder whether the relationship between Trump and Musk has cracked.

According to media reports, several White House officials privately said that Musk's sharp remarks caught them off guard. They did not expect his public statement to be so tough. In response to Musk's attack, White House press secretary Levitt responded at a press conference held on the afternoon of June 3: "The president has long known Musk's position on this bill, and this will not change the president's view. This is a great and beautiful bill. He will stick to it."

Family members scramble to distribute "Trump wallets"

Also in the early morning of June 6, another group of Trump’s “relatives and friends” also started fighting. The Trump family DeFi project WORLD LIBERTY FINANCIAL (hereinafter referred to as WLFI) issued a cease and desist order to FIGHT FIGHT FIGHT LLC (the company behind the TRUMP token). According to market news, the cease and desist order was related to the Trump wallet application that has been making a lot of noise in the crypto market recently.

In the early morning of June 4, NFT trading platform MagicEden announced a partnership with $TRUMP to launch Trump Wallet. As soon as the news came out, the market value of MagicEden token $ME rose nearly 30% from US$850 million to US$1.1 billion in two hours. However, Trump’s eldest son, second son Eric, and youngest son Barron all issued statements denying any connection with the announcement.

Although many "WLFI members" boycotted, TrumpMeme official account and MagicEden team members confirmed it, and both sides held their own. The original X account of Trump Wallet has also been banned by Twitter many times. Before that, the account was a MagicEden gold label account. From the information on the official website, the privacy policy and terms and conditions or "promotional activities" are all handled by the Slingshot Finance project, which was acquired by MagicEden two months ago.

Trump’s Crypto Group

This is not the first time that the Trump team has shown an unstable state. During the last presidential term, the internal team members of the Trump administration had great competition and changes among different factions, and resignations were commonplace. The Trump Group's crypto empire, like its government team, has long planted the seeds of division.

Interestingly, MagicEden CEO Jack’s tweet shows that he had just gone to the $TRUMP dinner with the founder of the acquired Slingshot mentioned above, and this tweet was also retweeted by the official account of $TRUMP meme. On June 3, TRUMP Meme officials said that three different Solana NFTs were airdropped to wallets for users who participated in the "Dinner with Trump" event. Looking back now, it seems to be some form of warm-up for the "Trump Wallet App".

 From left to right, Slingshot founder Clinton Bembry Jr., MagicEden founder Jack, MagicEden chief business officer Chris Akhavan

The person who planned the $TRUMP dinner in Washington in May 2025 was none other than President Trump’s longtime friend, Bill Zanker. Bill Zanker is the “authorized person” of Fight Fight Fight LLC, the company behind the $TRUMP token. The company and CIC Digital LLC jointly own 80% of Trump’s $TRUMP memecoin, which is worth billions of dollars.

Bill and Trump co-authored "Think Big and Kick ASS in Business and Life" in 2007. In addition, the two co-founded the ill-fated crowdfunding website FundAnything in 2013. The website was founded by Zanker with his own $1 million, but a year later, Trump distanced himself from the project, only posted a few dozen tweets, and said that "raising this money took me too much time and energy", and then the project "died in vain". It was not until 2022 that Bill Zanker proposed the business concept of "trump NFT", and the two sides have cooperated in the field of cryptocurrency ever since.

 Bill Zanker and Trump

CIC Digital LLC was founded in 2021 by John Marion, one of Trump's lawyers, and former adviser Nick Luna. As an affiliate of the Trump Organization, CIC Digital LLC cooperates with Fight Fight Fight LLC to operate the $TRUMP token website and derive transaction revenue from it.

CIC Digital LLC is responsible for licensing Trump's name and likeness for NFT projects such as Trump Digital Trading Cards. Bill Zanker is considered a key promoter of Trump's NFT project. CIC Digital LLC licensed Trump's brand to NFT INT LLC (a company registered in Delaware), and Zanker played a role in organizing and promoting the process, although he did not directly own NFT INT LLC.

Magic Eden, as a well-known NFT platform, has also cooperated with the Trump Digital Trading Cards project. In March 2024, the Trump card NFT project announced that it would migrate to Magic Eden, and stated that Magic Eden "has established a special team to assist users in managing Trump digital card collections."

In addition to Bill Zanker, the community believes that the leader of $TRUMP is also the chairman of the Crypto Committee, David Sacks. David Sacks is well-known as one of the founders of PayPal, and later became famous by creating Yammer and selling it to Microsoft for $1.2 billion. In the cryptocurrency circle, David Sacks' most important identity is an investor in the crypto venture capital company Multicoin and a Solana maximalist.

Within a few days of $TRUMP, $MELANIA, named after Trump's wife Melania, was also issued. Messari founder Ryan Selkis tweeted to call on Trump to fire the people who recommended the launch of the $MELANIA project. "The project team lacks professional capabilities, may cause significant economic losses and damage to reputation, and the project decision did not fully consider Trump's interests." Selkis pointed out the problems with $MELANIA.

Compared to $TRUMP, the issuance of $MELANIA was more sloppy, the front-end code was incomplete, the images were not compressed, the website was built only one day before the project was released, and the legal text was not rigorous. Many netizens speculated that the methods of $MELANIA and $TRUMP were very different and might not be operated by the same team.

Similar to the last time $TRUMP and $MELANIA "collided", after MagicEden announced the crypto wallet in cooperation with $TRUMP, Trump's eldest son said that WLFI would also launch its own official wallet. However, applications such as "Trump Wallet" are not like Memecoin. There can only be one Trump-concept wallet app, which also led to the "real and fake Monkey King" blunder today.

Eric Trump further escalated the dispute in a series of text messages to The New York Times, saying the Trump family would launch a legal challenge against the $TRUMP Wallet, even though the wallet was promoted on social media by an account associated with fellow Trump interest group Bill Zanker. “Nothing has been agreed to for this product,” Eric Trump wrote. “Nothing has been agreed to for this product. It has not been approved.”

WLFI was established on September 16, 2024, when then-President-elect Donald Trump announced his entry into X. The company was founded by real estate magnate Steve Witkoff and his son Zach Witkoff, while Trump's son Eric Trump and Donald J Trump Jr also participated in the project as team members.

 Justin Sun (left), Zach Witkoff (center), and Trump's second son Eric Trump (right) attended the Token2049 cryptocurrency conference held in Dubai

Witkoff's son, Zach Witkoff, co-founder of the crypto company World Liberty Financial, announced at a conference in Dubai that the company had reached an agreement with Tahnoon's company, which will purchase $2 billion of World Liberty's issued stablecoin USD1. The Witkoffs and the Trump family are expected to share tens of millions of dollars in annual profits. "The Trump family holds a 60% stake in World Liberty Financial."

Since last fall, the Trump family has started several different cryptocurrency projects, including American Bitcoin, $TRUMP, $MELANIA, World Liberty Financial, and Trump Media & Technology Group. In recent days, the Trump family's crypto business has not stopped. In addition to today's farce of real and fake "wallets", Trump's social platform Truth Social submitted a Bitcoin ETF application, and Mrs. Trump's official meme coin $MELANIA also reached a liquidity provision agreement with Wintermute. WLFI also airdropped 47 USD1 to its token subscriber address. It seems that the stablecoin track has also entered the right track.

At this point in time, it seems that the benefits have been used up and the team behind $TRUMP and Trump NFT can no longer draw liquidity from the market, and seems to be gradually moving away from the core circle of the "Trump Group".